May 31
Should I have disability insurance in addition to a term life insurance policy?
May is Disability Awareness Month so I was happy when someone emailed me the following questions: “Should I have disability insurance in addition to a term life insurance policy.” The answer….ABSOLUTELY!
The facts may surprise you…
- 1 in 3 working Americans will become disabled for 90 days or more before age 65
- Odds of a disability are nearly three times greater than death between the ages of 25-65
- 48 percent of all home mortgage foreclosures are due to a disability
- One in four families that files for bankruptcy protection identified an illness or injury in their family as the major reason for bankruptcy.
Think about it. What would you do if you weren’t able to earn money for ninety days, a year, or even longer? How would you pay for your mortgage, food, cars and other bills? How long could you and your family survive?
If you have life insurance, you probably bought it because you care about your family. You wanted to know that your family would be taken care of financially if you weren’t around. So disability insurance definately makes sense for you!.
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May 31st, 2007 at 10:44 pm
This is sound advice. A fellow I know just suffered a freak accident at work (trying to catch an obese wrenching his back horribly in the successful attempt), and is VERY glad that he opted for the short-term fainting person, and disability insurance offered at the hospital where he is employed. This insurance leads to his being able to manage his bills over the coming months while he rehabs and gets back to health. Insurance isn’t just for life and death, it is also for injury and other problems!
Jerry